About Agarkar, I don't think he has underachieved, but I don't expect much out of him. He has a lot of talent, but lacks power.
Fast bowling is associated with power, though a lot of intelligence can make the bowler even more effective. Look at highly effective fast bowlers of the past and present, and you will see that they were tall, well-built and rather aggressive. Agarkar does not look like someone who can run through teams as a fast bowler. Look at your McGraths, Gillespies, Pollocks, Fanies, Donalds, legendary West Indian and Pakistani fast bowlers, the Lillees, Thomsons and the Hadlees, and you see some tall, strong men. As someone described, some of them look like gorillas in build and have arms the size of tree trunks. What Agarkar has to try really hard to do, is easy stuff for Courtney Walsh. This is why he's never really been a great fast bowler many want him to be, so if he's bowling well, it's a major bonus, like Ganguly or Tendulkar being in the wickets.
It's the Balajis and Yohannans who are underachievers. They can make the grade as fast bowlers, but don't really try. The same can be said about all those other gentle giants.
Karthik seems a slow starter. He's always had a bad match first, but then improves slowly.
Nehra is not helping himself by getting injured so often. Cut out the injuries and add more variety to his bowling, he'll be a much better bowler. Of course, he HAS TO IMPROVE his batting and fielding.
Many say VVS is one who deserves a permanent place and you cannot replace him with a Yuvraj or Kaif, but if he improved his fielding (especially in the outfield), running (more thoughtful, a little faster, more singles and 2's) and boundary-hitting (more 4's, a few sixes), you wouldn't need Yuvraj or Kaif.
Ricardo Powell and Shahid Afridi might think their only purpose of batting is to hit the ball hard and out of the ground. For them, strike rate and number of 4's and 6's is all that matters.
Lee is not even 1% fit! He's a much better bowler otherwise. When a bagful of wickets is needed, he has always delivered- look at the VBS final in 2003, the match v/s NZ in the World Cup, the NSW matchs when he was dropped for the Ashes- he got 21 wickets in 2 matches, a 5-wicket haul before Test recall. He can make a good Indian batting lineup look like novices, simply because it's difficult to play express pace. His no-balls and the dropped catches don't help him much.
Ian Harvey is effective in the role he plays. It has worked well for the team so far.
Mills seems to have a faulty, even suspect action.
What about James Troughton and Ian Bell?